EFTA Document EFTA01449312

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax involve very large notional amounts. The FX market is also intermediated, with several potential stages between client and ultimate liquidity provider. We are concerned that the FIT would result in higher costs for end users of FX markets. Transactions between non-financial entities (e.g. corporate clients) and their dealers are not exempt from the FIT and higher transaction costs incurred by liquidity providers